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A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers.^[1] Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.

The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.

Basic forms of ownership[link]

Although forms of business ownership vary by jurisdiction, there are several common forms:

• Sole proprietorship: A sole proprietorship is a business owned by one person for-profit. The owner may operate the business alone or may employ others. The owner of the business has unlimited liability for the debts incurred by the business.
• Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
• Corporation: A corporation is a limited liability business that has a separate legal personality from its members. Corporations can be either government-owned or privately-owned, and corporations can organize either for-profit or not-for-profit. A privately-owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff. A privately-owned, for-profit corporation can be either privately held or publicly held.
• Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize for-profit or not-for-profit. A cooperative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

Classifications[link]

• Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profit through investment and management of capital.
• Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
• Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
• Real estate businesses generate profit from the selling, renting, and development of properties comprising land, residential homes, and other kinds of buildings.
• Retailers and distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalog companies are distributors or retailers.
• Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses, or consumers. Organizations ranging from house decorators to consulting firms, restaurants, and even entertainers are types of service businesses.
• Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs.
• Utilities produce public services such as electricity or sewage treatment, usually under a government charter.

There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America is generally considered to be the North American Industry Classification System, or NAICS. The equivalent European Union list is the Statistical Classification of Economic Activities in the European Community (NACE).Mill,

Management[link]

The efficient and effective operation of a business, and study of this subject, is called management. The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management and information technology management.^{[citation needed]}

Owners engage in business administration either directly or indirectly through the employment of managers. Owner managers, or hired managers administer to three component resources that constitute the business' value or worth: financial resources, capital or tangible resources, and human resources. These resources are administered to in at least five functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resourcing.^{[citation needed]}

Reforming state enterprises[link]

In recent decades, assets and enterprises that were run by various states have been modeled after business enterprises. In 2003, the People's Republic of China reformed 80% of its state-owned enterprises and modeled them on a company-type management system.^[2] Many state institutions and enterprises in China and Russia have been transformed into joint-stock companies, with part of their shares being listed on public stock markets.

Business process management (BPM) is a holistic management approach[1] focused on aligning all aspects of an organization with the wants and needs of clients. It promotes business effectiveness and efficiency while striving for innovation, flexibility, and integration with technology. BPM attempts to improve processes continuously. It can therefore be described as a "process optimization process." It is argued that BPM enables organizations to be more efficient, more effective and more capable of change than a functionally focused, traditional hierarchical management approach.

Organization and government regulation[link]

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Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

The major factors affecting how a business is organized are usually:

The Bank of England in Threadneedle Street, London, England.

• The size and scope of the business firm and its structure, management, and ownership, broadly analyzed in the theory of the firm. Generally a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as corporations or (less often) partnerships. In addition, a business that wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
• The sector and country. Private profit-making businesses are different from government-owned bodies. In some countries, certain businesses are legally obliged to be organized in certain ways.
• Limited Liability Companies (LLC), limited liability partnerships, and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not so protected.
• Tax advantages. Different structures are treated differently in tax law, and may have advantages for this reason.
• Disclosure and compliance requirements. Different business structures may be required to make less or more information public (or report it to relevant authorities), and may be bound to comply with different rules and regulations.

Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed.

Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

A single person who owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity.

A few relevant factors to consider in deciding how to operate a business include:

1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
2. Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
4. To "go public" (sometimes called IPO) -- which basically means to allow a part of the business to be owned by a wider range of investors or the public in general—you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA, Unit Trusts in the UK). However, you cannot take a general partnership "public."

Commercial law[link]

Offices in the Los Angeles Downtown Financial District

Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a strong driving force in the creation of law and courts in Western civilization.

As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time.

In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local governments. Professions that require special licenses range from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.

Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many kinds of businesses in unexpected ways.

Capital[link]

Mexican Stock Exchange in Paseo de la Reforma, Mexico City

When businesses need to raise money (called 'capital'), more laws come into play. A highly complex set of laws and regulations govern the offer and sale of investment securities (the means of raising money) in most Western countries. These regulations can require disclosure of a lot of specific financial and other information about the business and give buyers certain remedies. Because "securities" is a very broad term, most investment transactions will be potentially subject to these laws, unless a special exemption is available.

Capital may be raised through private means, by public offer (IPO) on a stock exchange, or in many other ways. Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), Bombay Stock Exchange(India) and so on. Most countries with capital markets have at least one.

Businesses that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other Western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC), in China. In Singapore, the regulation authority is Monetary Authority of Singapore (MAS), and in Hong Kong, it is Securities and Futures Commission (SFC).

As noted at the beginning, it is impossible to enumerate all of the types of laws and regulations that impact on business today. In fact, these laws have become so numerous and complex, that no business lawyer can learn them all, forcing increasing specialization among corporate attorneys. It is not unheard of for teams of 5 to 10 attorneys to be required to handle certain kinds of corporate transactions, due to the sprawling nature of modern regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more.

Intellectual property[link]

Businesses often have important "intellectual property" that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks or preservation of trade secrets. Most businesses have names, logos and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign non-compete clauses which will impose limitations on an employees interactions with stakeholders, and competitors.

See also[link]

Business and economics portal

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Notes and references[link]

External links[link]

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Robert Toru Kiyosaki (born April 8, 1947) is an American investor, businessman, self-help author, motivational speaker, financial literacy activist, and occasional financial commentator. Kiyosaki is perhaps best known for his Rich Dad Poor Dad series of motivational books and other material published under the Rich Dad brand. He has written over 15 books which have combined sales of over 26 million copies.^[1] Although beginning as a self-publisher, he was subsequently published by Warner Books, a division of Hachette Book Group USA. His new books appear under the Rich Dad Press imprint. Three of his books, Rich Dad Poor Dad, Rich Dad's CASHFLOW Quadrant, and Rich Dad's Guide to Investing, have been on number one on the top 10 best-seller lists simultaneously on The Wall Street Journal, USA Today and the New York Times. Rich Kid Smart Kid was published in 2001, with the intent to help parents teach their children financial concepts. He has created three "Cashflow" board and software games for adults and children and has a series of "Rich Dad" CDs and disks.

As a devout global financial literacy advocate, Kiyosaki has been a staunch proponent of entrepreneurship, business education, investing, and that comprehensive financial literacy concepts should be taught in schools around the world.^[2] Kiyosaki also operates his own blog and maintains a monthly column on Yahoo Finance writing about his latest thoughts on global economics, investing, business, world financial markets, and personal finance.^[3][4]

Life and career[link]

A fourth-generation Japanese American, Kiyosaki was born and raised in Hilo, Hawaii. He is the son of educator Ralph H. Kiyosaki (1919–1991). After graduating from Hilo High School, he attended the U.S. Merchant Marine Academy in New York, graduating with the class of 1969 as a deck officer. He later served in the Marine Corps as a helicopter gunship pilot during the Vietnam War in 1972, where he was awarded the Air Medal.^[5]

Kiyosaki left the Marine Corps in 1975 and got a job selling copy machines for the Xerox Corporation as a salesperson. In 1977, Kiyosaki started a company that brought to market the first nylon and Velcro "surfer" wallets. The company was moderately successful at first but eventually went bankrupt. In the early 1980s, Kiyosaki started a business that licensed T-shirts for Heavy metal rock bands, which was later sold in 1985.^[6]

In 1994, after becoming financially independent through various real estate investments and private business operations, Kiyosaki retired at the age of 47. In 1997, after his short lived retirement, he launched Cashflow Technologies, Inc.^[7] which owns and operates the Rich Dad^[8] and Cashflow^[9] brands.

Personal life[link]

He has been married to wife, Kim, who is an entrepreneur, investor, author, and a motivational speaker. They have been married since 1985. He and Kim have settled in the Scottsdale area in Phoenix, Arizona since 1994. Kiyosaki also has one sister, Emi Kiyosaki, a Tibetan Buddhist nun known by the name Ven. Tenzin Kacho. He has co-authored one book with her called "Rich Brother, Rich Sister".

Business ventures and investments[link]

Aside from operating the Rich Dad Company and Cashflow Technologies, Inc., Kiyosaki continues to operate external business ventures and has continued engaging with various investments since he came out of retirement in 1997.^[10][10]

Mining ventures[link]

Kiyosaki bought a silver mine in South America in 2002, took a gold mining company in China public back in 2002, and took public additional mines from IPOs listed on the Toronto Stock Exchange during the early 2000s. In 2009, Kiyosaki revealed in his book Conspiracy of the Rich that he is currently working on a copper mine that is yet to be taken public once copper prices begin to rise in value.^[11]

Precious metals and coin dealing[link]

Through his teenage years, Kiyosaki dabbled with silver and gold coins as a starting investment during the 1960s. In a July 2005 Yahoo Finance article Kiyosaki states that

If you only have a few dollars, you may want to go to your local coin dealer and buy silver and gold coins as close to the price of gold or silver as possible. I would not invest in 'collectible' precious metal coins unless you really know a good collectible coin from a bad one. For as little as $20 you can buy a few precious metal coins and begin to take steps to prepare for one of the biggest crashes in world history.^[12]

In addition, Kiyosaki states that he is a "gold bug", meaning is that he holds various commodities such as gold and silver to hedge against government misprinting of the U.S. dollar as a fiat currency since the early 1970s when President Richard Nixon took the dollar off the gold standard.^[10]

Real estate acquisitions[link]

Kiyosaki is also an active real estate investor. A large portion of his wealth is concentrated within real estate investing. He has various real estate investments, real estate development ventures, and property management ventures operating around the United States, such as Texas and Oklahoma, particularly in his home state of Arizona, where he lives. Many of his holdings include hotels, golf courses, and large apartment complexes as stated in an interview with The Alex Jones Show back in late 2010.^[13]

Starting with small residential real estate investments back in 1973, Kiyosaki began investing in small condos on the island of Maui, making a small profit from capital gains by the mid 1970's. Kiyosaki starting his own real estate holding company in the 1980s during his tenure with Xerox and continued on with smaller real estate investments after the Savings and loan crisis and the 1986 Tax Reform Act hit the United States in the early 1990s where much foreclosure investment real estate was sold for pennies on the dollar. After progressing with smaller real estate investments, Kiyosaki moved into the commercial real estate business, branching off into semi-large apartment complexes, with a large portion concentrated in Arizona and the Southwestern United States and retired in 1994. Since coming out of retirement in 1997, Kiyosaki still remains involved with the apartment business and stated in an interview with Jason Hartman in 2011 that he owns over 1400 units of apartment houses.^[14][15]

Kiyosaki has been involved with commercial real estate sector such as investing in warehouses, Triple net lease and real estate development ventures around the United States.^[16][17]

Oil wells and natural gas investments[link]

Kiyosaki has stated in a Rich Dad video, several interviews, and a on number of Yahoo Finance articles that he owns oil drilling operations and oil wells around the United States but does not invest in oil company shares such as ExxonMobil or BP.^{[18][19][19][20]}

Solar company[link]

In a 2010 Rich Dad Insiders video, Kiyosaki stated that he also invested in a startup solar company.^[18]

Financial market investments[link]

In his debut book Rich Dad Poor Dad, Kiyosaki mentioned achieving consistent 16% ROI through tax lien certificates.^[21]

Written in a chapter of Rich Dad's Prophecy, Kiyosaki states of having invested in various government tax free bonds such as municipal bonds and municipal mortgage REIT's offered by real estate development companies paying over 12% tax free dividend interest.^[22]

Kiyosaki has also stated in numerous interviews that he does not invest or play the stock market much like the fact that he does not invest in oil company stocks. Instead, Kiyosaki trades stock options, Forex currencies, and other derivatives in the financial markets as stated in a chapter written in his book, Rich Dad's Prophecy and in a 2009 interview with real estate investor John Hartman.^[15]

Kiyosaki has frequently mentioned himself of investing in hedge funds, private placements, and other various funds such as private equity funds typically investments reserved by SEC law only for millionaires or high-income individuals.

Kiyosaki is also involved in the commodity market where he invests in gold and silver commodities as well as gold and silver ETF's, as written in chapter of his 2008 book, "Rich Dads, Increase Your Financial IQ". He stated this for the reason that he uses commodities as a hedge against uncertain economic forces such as inflation and hyperinflation as well as government's mismanagement via printing of the nations currency.^[21]

Teachings[link]

A large part of Kiyosaki's teachings focus on what he calls "financial education" generating passive income by means of investment opportunities, such as real estate investments and businesses, with the ultimate goal of being able to support oneself by such investments alone and thus achieving true financial independence WITHOUT working for a paycheck. In tandem with this, Kiyosaki defines the term "assets" as things that generate cash inflow, such as stock dividends, rental properties, or businesses, and the term "liabilities" as things that use cash, such as houses, cars, and so on. Kiyosaki continuously argues that financial leverage is critically important in becoming rich, despite the inherent financial risks, repercussions, and pitfalls that come with it.

Originally self-published before being picked up commercially to become a best seller, the central concept of the book is an anecdotal comparison of his "two fathers." His "poor dad" was his biological father, who was highly educated and became Superintendent of the Hawaii State Department of Education but was poor. Contrasted with this is his (arguably fictitious, see "Criticism and controversy" section of this article) "rich dad," his best friend's father who became "the richest man in Hawaii" by investing his smaller income into income-producing investments, and was a high school dropout. Its main purpose as a self-help book is to help people rethink their idea of money and especially their concept of themselves as employees who will gain financial rewards from conformity and education.

Kiyosaki uses the "rich dad, poor dad" comparison to illustrate his view that the majority of people are stuck in what he refers to as "the rat race"—living paycheck to paycheck and spending all of their time working to pay bills and other expenses. In his books, Kiyosaki advocates tax-advantaged investment vehicles, such as real estate or businesses, rather than ownership of securities such as stocks. This idea is further developed in his later books and "Rich Dad" became Kiyosaki's personal brand for various publishing ventures.

Kiyosaki continuously stresses financial literacy through the acquisition of he calls "assets" as the means to obtaining wealth. He says that life skills are often best learned through experience and that there are important lessons not taught in school. He says that formal education is primarily for those seeking to be employees or self-employed individuals, and that this is an "Industrial Age idea." And according to Kiyosaki, in order to obtain financial freedom, one must be either a business owner, an investor, or both generating passive income, particularly on a monthly basis.

Kiyosaki often refers to The CASHFLOW Quadrant, a conceptual tool which he developed to categorize the four major ways income is earned. Depicted in a diagram, this concept entails four groupings, split with two crossed lines (one vertical and one horizontal). In each of the four groups there is a letter representing a way in which an individual may earn income. The letters are as follows.

• E: Employee — Working for someone else.
• S: Self-employed or Small business owner — Where a person owns his own job and is his own boss.
• B: Business owner — A person who owns a business to make money; typically where the owner's physical presence is not required.
• I: Investor — Investing money in order to receive a larger income in the future.

For those on the left side of the divide (E and S), Kiyosaki says that they may never obtain true wealth. Conversely, those on the right side of the divide (B and I) are supposedly following the only road to true wealth.

Kiyosaki also classifies the four main "asset" classes as means of gaining wealth.^[23]:

• Businesses: Businesses that generate monthly cash flow that don't require the owners physical presence.
• Real Estate: Real estate such as owning warehouses, small family homes, or apartment houses that generate monthly cash flow.
• Paper Assets: Investments such as stocks, bonds, hedge funds etc.
• Commodities: Gold, silver, iron ore, or copper that are used to hedge government's mismanagement printing of the nations currency.

Games[link]

Kiyosaki also stresses the value of games, particularly Monopoly, as tools for learning basic financial strategies such as "trade four green houses for one red hotel." Kiyosaki has created several games such as Cashflow 101 and Cashflow 202 to reinforce the information in his book.

Media appearances[link]

Several local stations of the Public Broadcasting Service (PBS), including WTTW of Chicago, KAET of Phoenix, KOCE of Orange County, California, WLIW of the New York/New Jersey area, and WGBH of Boston, have featured Kiyosaki with his now cancelled Rich Dad TV series. His latest TV special was a fund-raising drive. During this television special, Rich Dad's Guide to Wealth with Robert Kiyosaki, he provides viewers with financial education, opposing the common notion of getting a college degree and downplaying the importance of attaining academic or professional education.

Kiyosaki has been seen giving financial advice on various network television news channels such as on CNBC, Fox Business, and Bloomberg. He has appeared on various programs such as The Oprah Winfrey Show,^[24] Fox and Friends,^[25][26][27] Larry King Live,^[28] The O'reilly Factor, The Alex Jones Show,^[13] Glenn Beck,^[29] and Your World with Neil Cavuto.^{[25][30][31][32]}

In 2002, a speech given by Kiyosaki became the subject of a CNN story.^[33]

In 2006, Kiyosaki appeared on CNBC, discussing financial issues, answering questions from the audience, and comments by the financial experts werere also invited. In particular, Kiyosaki also filled in a few episodes under the title The Millionaire Inside Debt-Free and The Millionaire Inside: Get Inspired. Other financial experts accompanied Kiyosaki, including David Bach, Jennifer Openshaw, Larry Winget, Keith Ferrazi, and Dr. Laura Morgan Roberts have also been invited to the event.^[34][35]

In 2009, Kiyosaki was featured in a 10 Questions session in Time Magazine.^[36]

Over a number of years, Kiyosaki has repeatedly criticized other financial gurus, particularly the financial teachings of Suze Orman and Jean Chatzky, calling it “bad advice”. Because of this, Orman responded to Kiyosaki's attacks via Twitter and the two engaged in a Twitter war back in March 2010.^[37]

In September 2011, Kiyosaki along with wife Kim were featured on the front cover of JETSET magazine.^[38]

Financial advice[link]

Mutual funds[link]

Kiyosaki wrote in one column that investors in any mutual fund with a 2.5% annual fee would, over a long time period, surrender 80% of the earnings to the fund.^[39] Kiyosaki expanded on his criticism of mutual funds in another column by stating they are for "losers."^[40] Despite the fact that most mutual funds actually charged less than 1.1%.^[41] He has drawn much criticism for comparing investing in mutual funds to playing the lottery, and for discouraging 401(k) investing, contrary to the advice of most professional financial advisers.^[42] In contrast to these statements, Kiyosaki wrote in his book Prophecy that while mutual funds are not great investments, they remain one of the few acceptable investment vehicles available to those who will not educate themselves financially.

Kiyosaki's criticisms are supported by the founder of the mutual fund Vanguard, John C. Bogle. In a Frontline episode titled "401(k)s: The New Retirement Plan, For Better or Worse", Bogle stated that management fees and trading costs gobble up approximately 2.5% of an investor's annual returns and approximately 80% of an investor's long term gains. He says management costs reduce the value of a $1,000 investment over 65 years from approximately $140,000 at 8% compounded annually to a mere $30,000 at 5.5% compounded annually. Bogle's solution is to utilize index funds, which charge as little as 0.09%, to substantially reduce or eliminate management fees.^[43]

Criticism and controversy[link]

Kiyosaki's books and teachings have been criticized for focusing on anecdotes and containing little in the way of concrete advice on how readers should proceed.^[44] Kiyosaki responds that his material is meant to be more of a motivational tool to get readers thinking about money rather than a step-by-step guide to wealth. He also says the books are supposed to be "interesting" to people, which precludes involving a lot of technical material.^[45]

The Canadian Broadcasting Corporation consumer affairs program Marketplace ran an investigative piece on Kiyosaki's questionable business practices on Jan 29, 2010. It includes interviews with Kiyosaki.^[46]

Bibliography[link]

Kiyosaki is best known for his book Rich Dad, Poor Dad. Kiyosaki followed with Rich Dad's CASHFLOW Quadrant and Rich Dad's Guide to Investing. He has now had at least a dozen books published, including:

• If You Want to Be Rich & Happy: Don't Go to School? : Ensuring Lifetime Security for Yourself and Your Children (1992). ISBN 0-944031-38-2.
• Rich Dad Poor Dad - What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not! (first published in 1997) Warner Business Books. ISBN 0-446-67745-0.
• CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom (2000). ISBN 0-446-67747-7.
• Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not! (2000). ISBN 0-446-67746-9.
• The Business School for People Who Like Helping People (March, 2001). ISBN 99922-67-42-9 - endorses multi-level marketing
• Rich Dad's Rich Kid, Smart Kid: Giving Your Children a Financial Headstart (2001). ISBN 0-446-67748-5.
• Rich Dad's Retire Young, Retire Rich (2002). ISBN 0-446-67843-0.
• Rich Dad's Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming… and How You Can Prepare Yourself and Profit from It! (2002). Warner Books, Incorporated. ISBN 0-641-62241-4.
• Rich Dad's The Business School: For People Who Like Helping People (2003) ISBN 979-686-729-X.
• Rich Dad’s Success Stories (2003)
• You Can Choose to be Rich (2003) 12-CD Audio series with three books.
• Rich Dad's Who Took My Money?: Why Slow Investors Lose and Fast Money Wins! (2004)ISBN 0-446-69182-8.
• Rich Dad, Poor Dad for Teens: The Secrets About Money—That You Don't Learn in School! (2004) ISBN 0-446-69321-9.
• Rich Dad's Before You Quit Your Job : 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business (2005). ISBN 0-446-69637-4.
• Rich Dad's Escape from the Rat Race - Comic for children (2005)
• Why We Want You to Be Rich: Two Men, One Message (2006) co-written with Donald J. Trump ISBN 1-933914-02-5.
• Rich Dad's Increase Your Financial IQ: Get Smarter with Your Money (2008). ISBN 0-446-50936-1.
• Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money (2009). ISBN 0-446-55980-6
• Rich Dad's Rich Brother Rich Sister (2009) co-written with Emi Kiyosaki
• The Real Book of Real Estate: Real Experts. Real Stories. Real Life. (2010). ISBN 1-4587-7250-0.
• An Unfair Advantage: The Power of Financial Education (2011). ISBN 1-61268-010-0.
• Midas Touch: Why Some Entrepreneurs Get Rich And Why Most Don't (2011), co-written with Donald J. Trump ISBN 1-61268-095-X.

Notes[link]

References[link]

External links[link]

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Freddie Mercury
Mercury performing in New Haven, Connecticut, in 1978 with Queen
Background information
Birth name	Farrokh Bulsara
Born	(1946-09-05)5 September 1946 Stone Town, Zanzibar
Origin	London, England, UK[1]
Died	24 November 1991(1991-11-24) (aged 45) Kensington, London, England, United Kingdom
Genres	Rock, hard rock, glam rock
Occupations	Musician, singer-songwriter, record producer
Instruments	Multi-instrumentalist Vocals, piano, keyboards, guitar
Years active	1969–1991
Labels	Columbia, Polydor, EMI, Parlophone, Hollywood Records
Associated acts	Queen, Wreckage/Ibex, Montserrat Caballé Freddie Mercury's Signature

Freddie Mercury (born Farrokh Bulsara (Gujarati: ફારોખ બલ્સારા‌), 5 September 1946 – 24 November 1991)^[2][3] was a British musician, singer and songwriter, best known as the lead vocalist and lyricist of the rock band Queen. As a performer, he was known for his flamboyant stage persona and powerful vocals over a four-octave range.^[4][5][6] As a songwriter, Mercury composed many hits for Queen, including "Bohemian Rhapsody", "Killer Queen", "Somebody to Love", "Don't Stop Me Now", "Crazy Little Thing Called Love" and "We Are the Champions". In addition to his work with Queen, he led a solo career, and also occasionally served as a producer and guest musician (piano or vocals) for other artists. He died of bronchopneumonia brought on by AIDS on 24 November 1991, only one day after publicly acknowledging he had the disease.

Mercury was a Parsi born in Zanzibar and grew up there and in India until his mid-teens. He has been referred to as "Britain's first Asian rock star".^[7] In 2002, Mercury was placed at number 58 in the BBC's poll of the 100 Greatest Britons, in 2006, Time Asia named him one of the most influential Asian heroes of the past 60 years,^[8] and he continues to be voted one of the greatest singers in the history of popular music. In 2005, a poll organised by Blender and MTV2 saw Mercury voted the greatest male singer of all time.^[9] In 2008, Rolling Stone editors ranked him number 18 on their list of the 100 greatest singers of all time.^[6] In 2009, a Classic Rock poll saw him voted the greatest rock singer of all time.^[10] Allmusic has characterised Mercury as "one of rock's greatest all-time entertainers", who possessed "one of the greatest voices in all of music".^[11]

Early life[link]

Mercury was born in the British protectorate of Zanzibar, East Africa (now part of Tanzania). His parents, Bomi and Jer Bulsara,^[a] were Parsis from the Gujarat region of the then province of Bombay Presidency in British India.^[12][b] The family surname is derived from the town of Bulsar (also known as Valsad) in southern Gujarat. As Parsis, Mercury and his family practised the Zoroastrian religion.^[13] The Bulsara family had moved to Zanzibar so that his father could continue his job as a cashier at the British Colonial Office. He had a younger sister, Kashmira.^[14]

The house in Zanzibar where Mercury lived in his early years

Mercury spent the bulk of his childhood in India and began taking piano lessons at the age of seven.^[15] In 1954, at the age of eight, Mercury was sent to study at St. Peter's School, a British-style boarding school for boys in Panchgani near Bombay (now Mumbai), India.^[16] One of his formative musical influences at the time was Bollywood singer Lata Mangeshkar.^[17] Aged 12, he formed a school band, The Hectics, and covered rock and roll artists such as Cliff Richard and Little Richard.^[18] A friend from the time recalls that he had "an uncanny ability to listen to the radio and replay what he heard on piano".^[19] It was also at St. Peter's where he began to call himself "Freddie". Mercury remained in India, living with his grandmother and aunt until he completed his education at St. Mary's School, Bombay.^[20]

At the age of 17, Mercury and his family fled from Zanzibar for safety reasons due to the 1964 Zanzibar Revolution,^[7] in which thousands of Arabs and Indians were killed.^[21] The family moved into a small house in Feltham, Middlesex, England. Mercury enrolled at Isleworth Polytechnic (now West Thames College) in West London where he studied art. He ultimately earned a Diploma in Art and Graphic Design at Ealing Art College, later using these skills to design the Queen crest. Mercury remained a British citizen for the rest of his life.

Following graduation, Mercury joined a series of bands and sold second-hand clothes in the Kensington Market in London. He also held a job at Heathrow Airport. Friends from the time remember him as a quiet and shy young man who showed a great deal of interest in music.^[22] In 1969 he joined the band Ibex, later renamed Wreckage. When this band failed to take off, he joined a second band called Sour Milk Sea. However, by early 1970 this group broke up as well.^[23]

In April 1970, Mercury joined guitarist Brian May and drummer Roger Taylor who had previously been in a band called Smile. Despite reservations from the other members, Mercury chose the name "Queen" for the new band. He later said about the band's name, "I was certainly aware of the gay connotations, but that was just one facet of it".^[1] At about the same time, he changed his surname, Bulsara, to Mercury.^[24]

Career[link]

Singer[link]

Freddie Mercury in 1978

Freddie Mercury's vocal range

Although Mercury's speaking voice naturally fell in the baritone range, he delivered most songs in the tenor range.^[25] His vocal range extended from an F (F2) to an F (F6).^[26] He could belt up to a high F (F5).^[26] Biographer David Bret described his voice as "escalating within a few bars from a deep, throaty rock-growl to tender, vibrant tenor, then on to a high-pitched, perfect coloratura, pure and crystalline in the upper reaches".^[27] Spanish soprano Montserrat Caballé, with whom Mercury recorded an album, expressed her opinion that "the difference between Freddie and almost all the other rock stars was that he was selling the voice".^[28] She adds, "His technique was astonishing. No problem of tempo, he sung with an incisive sense of rhythm, his vocal placement was very good and he was able to glide effortlessly from a register to another. He also had a great musicality. His phrasing was subtle, delicate and sweet or energetic and slamming. He was able to find the right colouring or expressive nuance for each word."^[26] As Queen's career progressed, he would increasingly alter the highest notes of their songs when live, often harmonising with seconds, thirds or fifths instead. Mercury was said to have "the rawest vocal fold nodules" and claimed never to have had any formal vocal training.^[29]

Songwriter[link]

Mercury wrote 10 of the 17 songs on Queen's Greatest Hits album: "Bohemian Rhapsody", "Seven Seas of Rhye", "Killer Queen", "Somebody to Love", "Good Old-Fashioned Lover Boy", "We Are the Champions", "Bicycle Race", "Don't Stop Me Now", "Crazy Little Thing Called Love" and "Play the Game".^[30]

The most notable aspect of his songwriting involved the wide range of genres that he used, which included, among other styles, rockabilly, progressive rock, heavy metal, gospel and disco. As he explained in a 1986 interview, "I hate doing the same thing again and again and again. I like to see what's happening now in music, film and theatre and incorporate all of those things."^[31] Compared to many popular songwriters, Mercury also tended to write musically complex material. For example, "Bohemian Rhapsody" is acyclic in structure and comprises dozens of chords.^[32][33] He also wrote six songs from Queen II which deal with multiple key changes and complex material. "Crazy Little Thing Called Love", on the other hand, contains only a few chords. Despite the fact that Mercury often wrote very intricate harmonies, he also claimed that he could barely read music.^[34] He wrote most of his songs on the piano and used a wide variety of different key signatures.^[32]

Live performer[link]

Mercury, performing live in 1979, with his bottomless microphone stand

Mercury performing live in 1984

Mercury was noted for his live performances, which were often delivered to stadium audiences around the world. He displayed a highly theatrical style that often evoked a great deal of participation from the crowd. A writer for The Spectator described him as "a performer out to tease, shock and ultimately charm his audience with various extravagant versions of himself".^[35] David Bowie, who performed at the Freddie Mercury Tribute Concert and recorded the song "Under Pressure" with Queen, praised Mercury's performance style, saying: "Of all the more theatrical rock performers, Freddie took it further than the rest... he took it over the edge. And of course, I always admired a man who wears tights. I only saw him in concert once and as they say, he was definitely a man who could hold an audience in the palm of his hand."^[36] Queen guitarist Brian May wrote that Mercury could make "the last person at the back of the furthest stand in a stadium feel that he was connected."^[37]

One of Mercury's most notable performances with Queen took place at Live Aid in 1985, during which the entire stadium audience of 72,000 people clapped, sang and swayed in unison. Queen's performance at the event has since been voted by a group of music executives as the greatest live performance in the history of rock music. The results were aired on a television program called "The World's Greatest Gigs".^[38][39] In reviewing Live Aid in 2005, one critic wrote, "Those who compile lists of Great Rock Frontmen and award the top spots to Mick Jagger, Robert Plant, etc all are guilty of a terrible oversight. Freddie, as evidenced by his Dionysian Live Aid performance, was easily the most godlike of them all."^[40]

Over the course of his career, Mercury performed an estimated 700 concerts in countries around the world with Queen. A notable aspect of Queen concerts was the large scale involved.^[31] He once explained, "We're the Cecil B. DeMille of rock and roll, always wanting to do things bigger and better."^[31] The band was the first ever to play in South American stadiums, breaking worldwide records for concert attendance in the Morumbi Stadium in São Paulo in 1981.^[41] In 1986, Queen also played behind the Iron Curtain when they performed to a crowd of 80,000 in Budapest, in what was one of the biggest rock concerts ever held in Eastern Europe.^[42] Mercury's final live performance with Queen took place on 9 August 1986 at Knebworth Park in England and drew an attendance estimated as high as 300,000.^[43]

Instrumentalist[link]

Freddie Mercury playing guitar during a live concert with Queen in Frankfurt, Germany, 1984.

As a young boy in India, Mercury received formal piano training up to the age of nine. Later on, while living in London, he learned guitar. Much of the music he liked was guitar-oriented: his favourite artists at the time were The Who, The Beatles, Jimi Hendrix, David Bowie, and Led Zeppelin. He was often self-deprecating about his own skills on both instruments and from the early 1980s onward began extensively using guest keyboardists for both Queen and his solo career. Most notably, he enlisted Fred Mandel (a Canadian musician who also worked for Pink Floyd, Elton John and Supertramp) for his first solo project, and from 1985 onward collaborated with Mike Moran (in the studio) and Spike Edney (in concert), leaving most of the keyboard work exclusively to them.

Mercury played the piano in many of Queen's most popular songs, including "Killer Queen", "Bohemian Rhapsody", "Good Old Fashioned Lover Boy", "We Are the Champions", "Somebody To Love" and "Don't Stop Me Now". He used concert grand pianos and, occasionally, other keyboard instruments such as the harpsichord. From 1980 onward, he also made frequent use of synthesisers in the studio. Queen guitarist Brian May claims that Mercury was unimpressed with his own abilities at the piano and used the instrument less over time because he wanted to walk around onstage and entertain the audience.^[44] Although he wrote many lines for the guitar, Mercury possessed only rudimentary skills on the instrument. Songs like "Ogre Battle" and "Crazy Little Thing Called Love" were composed on the guitar; the latter featured Mercury playing acoustic guitar both on stage and in the studio.^[45]

Solo career[link]

In addition to his work with Queen, Mercury put out two solo albums and several singles. Although his solo work was not as commercially successful as most Queen albums, the two off-Queen albums and several of the singles debuted in the top 10 of the UK Album Charts. His first solo effort involved his contribution to the Richard "Wolfie" Wolf mix of Love Kills on the 1984 album (the song also used as the end title theme for National Lampoon's "Loaded Weapon") and new soundtrack to the 1926 Fritz Lang film Metropolis. The song, produced by Giorgio Moroder, debuted at the number 10 position in the UK charts.^[46]

Mercury's two full albums outside the band were Mr. Bad Guy (1985) and Barcelona (1988). The former is a pop-oriented album that emphasises disco and dance music. "Barcelona" was recorded and performed with the opera singer Montserrat Caballé, whom he had long admired. Mr. Bad Guy debuted in the top ten of the UK Album Charts.^[46] In 1993, a remix of "Living on My Own", a single from the album, reached the No.1 position on the UK Singles Charts.^[47] The song also garnered Mercury a posthumous Ivor Novello Award. Allmusic critic Eduardo Rivadavia describes Mr. Bad Guy as "outstanding from start to finish" and expressed his view that Mercury "did a commendable job of stretching into uncharted territory".^[48] In particular, the album is heavily synthesiser-driven in a way that is not characteristic of previous Queen albums.

Barcelona, recorded with Spanish soprano Montserrat Caballé, combines elements of popular music and opera. Many critics were uncertain what to make of the album; one referred to it as "the most bizarre CD of the year".^[49] The album was a commercial success,^[50] and the album's title track debuted at the No.8 position in the UK charts and was a hit in Spain.^[51] The title track received massive air play as the official hymn of the 1992 Summer Olympics (held in Barcelona one year after Mercury's death). Caballé sang it live at the opening of the Olympics with Mercury's part played on a screen, and again prior to the start of the 1999 UEFA Champions League Final in Barcelona.^[52]

In addition to the two solo albums, Mercury released several singles, including his own version of the hit The Great Pretender by The Platters, which debuted at number five in the UK in 1987.^[46] In September 2006, a compilation album featuring Mercury's solo work was released in the UK in honour of what would have been his 60th birthday. The album debuted in the top 10 of the UK Album Charts.^[53]

In 1981–1983, Mercury recorded several tracks with Michael Jackson, including a demo of "State of Shock", "Victory" and "There Must Be More to Life Than This".^[54] None of these collaborations were officially released, although bootleg recordings exist. Jackson went on to record the single "State of Shock" with Mick Jagger for The Jacksons's album Victory.^[55] Mercury included the solo version of "There Must Be More To Life Than This" on his Mr. Bad Guy album.^[56] In November 2011, Brian May announced that a series of duets that Mercury recorded with Jackson are to be released in 2012.^[57][58]

Personal life[link]

Queen in New Haven, Connecticut, US in November 1978.

Relationships[link]

In the early 1970s Mercury had a long-term relationship with Mary Austin, whom he had met through guitarist Brian May. He lived with Austin for several years in West Kensington. By the mid-1970s, however, the singer had begun an affair with a male American record executive at Elektra Records, which ultimately resulted in the end of his relationship with Austin.^[59] Mercury and Austin nevertheless remained close friends through the years, with Mercury often referring to her as his only true friend. In a 1985 interview, Mercury said of Austin, "All my lovers asked me why they couldn't replace Mary [Austin], but it's simply impossible. The only friend I've got is Mary and I don't want anybody else. To me, she was my common-law wife. To me, it was a marriage. We believe in each other, that's enough for me."^[60] He also wrote several songs about Austin, the most notable of which is "Love of My Life". In his will, Mercury left his London home to Austin, rather than his then partner Jim Hutton, saying, "You would have been my wife and it would have been yours anyway".^[61] Mercury was also the godfather of Mary's oldest son, Richard.^[44]

During the early to mid 80s, he was romantically involved with Barbara Valentin, an Austrian actress,^[62] who is featured in the video for "It's a Hard Life".^[63] By 1985, he began another long-term relationship with a hairdresser named Jim Hutton. Hutton, who himself was tested HIV-positive in 1990,^[64] lived with Mercury for the last six years of his life, nursed him during his illness, and was present at his bedside when he died. Hutton claimed that Mercury died wearing a wedding band that Hutton had given him.^[64] Hutton died from cancer on 1 January 2010.^[65]

Sexual orientation[link]

Mercury was an acknowledged bisexual.^[18][66][67] While some critics claimed he hid his sexual orientation from the public,^[7][28][68] others claimed he was "openly gay".^[8][69] In December 1974, when asked directly, "So how about being bent?" by the New Musical Express, Mercury replied, "You're a crafty cow. Let's put it this way; there were times when I was young and green. It's a thing schoolboys go through. I've had my share of schoolboy pranks. I'm not going to elaborate further." Homosexuality was legalised in the United Kingdom in 1967, only seven years earlier. In the 1980s, he would often distance himself from his partner, Jim Hutton, during public events.^[64]

In 1992, John Marshall of Gay Times expressed the following opinion: "[Mercury] was a 'scene-queen', not afraid to publicly express his gayness but unwilling to analyse or justify his 'lifestyle' ... It was as if Freddie Mercury was saying to the world, 'I am what I am. So what?' And that in itself for some was a statement."^[70] A writer for a gay online newspaper felt that audiences may have been overly naïve about the matter: "While in many respects he was overtly queer his whole career ("I am as gay as a daffodil, my dear" being one of his most famous quotes), his sexual orientation seemed to pass over the heads of scrutinising audiences and pundits (both gay and straight) for decades".^[71]

Personality[link]

Although he cultivated a flamboyant stage personality, Mercury was a very shy and retiring man in person, particularly around people he did not know well.^[19][28][72] He also granted very few interviews. Mercury once said of himself: "When I'm performing I'm an extrovert, yet inside I'm a completely different man."^[73] While on stage, Mercury basked in the love from the audience, which was famously noted by Kurt Cobain, in his suicide note, when he wrote of how he both admired and envied Mercury for being able to do so.^[74]

Criticism and controversy[link]

HIV[link]

Mercury did not disclose his HIV status to the public for several years, and it has been suggested that he could have made a contribution to AIDS awareness by speaking earlier about his situation and his fight against the disease.^[75][76]

Other controversies[link]

Queen were widely criticised when they broke a United Nations cultural boycott in 1984 by performing a series of shows at Sun City, an entertainment complex in Bophuthatswana, a homeland of (then) apartheid South Africa. As a result of these shows, Queen was placed on a United Nations list of artists who broke the boycott and was widely criticised in magazines such as the NME.^[40]

A further controversy ensued in August 2006, when an organisation calling itself the Islamic Mobilization and Propagation petitioned the Zanzibar government's culture ministry, demanding that a large-scale celebration of what would have been Mercury's sixtieth birthday be cancelled. The organisation issued several complaints about the planned celebrations, including that Mercury was not a true Zanzibari and that he was gay, which is not in accordance with their interpretation of sharia. The organisation claimed that "associating Mercury with Zanzibar degrades our island as a place of Islam".^[69] The planned celebration was cancelled.

Illness and death[link]

According to his partner Jim Hutton, Mercury was diagnosed with AIDS shortly after Easter of 1987.^[77] Around that time, Mercury claimed in an interview to have tested negative for HIV.^[28] Despite the denials, the British press pursued the rampant rumours over the next few years, fuelled by Mercury's increasingly gaunt appearance, Queen's absence from touring, and reports from former lovers to various tabloid journals – by 1990 the rumours about Mercury's health were rife.^[78] At the 1990 Brit Awards held at the Dominion Theatre, London on 18 February, Mercury made his final public appearance on stage when he joined the rest of Queen to collect the Brit Award for Outstanding Contribution to Music.^[79][80] Towards the end of his life, he was routinely stalked by photographers, while the daily tabloid newspaper The Sun featured a series of articles claiming that he was seriously ill; notably in an article from November 1990 which featured an image of a haggard looking Mercury on the front page accompanied by the headline "It's official – Freddie is seriously ill".^[81]

However, Mercury and his inner circle of colleagues and friends, whom he felt he could trust, continually denied the stories, even after one front page article published on 29 April 1991, which showed Mercury appearing very haggard in what was by then a rare public appearance.^[82] Brian May confirmed in a 1993 interview that Mercury had informed the band of his illness much earlier.^[83] Filmed in May 1991, the music video for "These Are the Days of Our Lives" features a painfully thin Mercury, which are his final scenes in front of the camera.^[84]

After the conclusion of his work with Queen in June 1991, Mercury retired to his home in Kensington. His former partner, Mary Austin, had been a particular comfort in his final years, and in the last few weeks of his life made regular visits to his home to look after him.^[85] Near the end of his life, Mercury was starting to lose his sight, and his deterioration was so overpowering he couldn't get out of bed.^[85] Due to his worsening condition, Mercury decided to hasten his death by refusing to take his medication, and just continued taking pain killers.^[85]

On 22 November 1991, Mercury called Queen's manager Jim Beach over to his Kensington home, to discuss a public statement. The next day, 23 November, the following announcement was made to the international press on behalf of Mercury:^[86]

A little over 24 hours after issuing that statement, Mercury died on the evening of 24 November 1991 at the age of 45, at his home in Kensington.^[66] The official cause of death was bronchial pneumonia resulting from AIDS.^[87] The news of his death had reached newspaper and television crews by the early hours of 25 November.^[88]

On 27 November, Mercury's funeral service was conducted by a Zoroastrian priest. An intensely private man, Mercury's service was for 35 of his close friends and family, with Elton John and the remaining members of Queen among those in attendance.^[89][90] Mercury was cremated at Kensal Green Cemetery, West London, with the whereabouts of his ashes believed to be known only to Mary Austin.^[91]

In his will, Mercury left the vast majority of his wealth, including his home and recording royalties, to Mary Austin, and the remainder to his parents and sister. He further left £500,000 to his chef Joe Fanelli, £500,000 to his personal assistant Peter Freestone, £100,000 to his driver Terry Giddings, and £500,000 to Jim Hutton.^[92] Mary Austin continues to live at Mercury's home, Garden Lodge, Kensington, with her family.^[92] Hutton was involved in a 2000 biography of Mercury, Freddie Mercury, the Untold Story, and also gave an interview for The Times for what would have been Mercury's 60th birthday.^[77]

Legacy[link]

Continued popularity[link]

The extent to which Mercury's death may have enhanced Queen's popularity is not clear. In the United States, where Queen's popularity had lagged in the 1980s, sales of Queen albums went up dramatically in 1992, the year following his death.^[93] In 1992 one American critic noted, "What cynics call the 'dead star' factor had come into play—Queen is in the middle of a major resurgence".^[94] The movie Wayne's World, which featured "Bohemian Rhapsody", also came out in 1992. According to the Recording Industry Association of America, Queen have sold 32.5 million albums in the United States, about half of which have been sold since Mercury's death in 1991.^[95]

Estimates of Queen's total worldwide record sales to date have been set as high as 300 million.^[96] In the UK, Queen have now spent more collective weeks on the UK Album Charts than any other musical act (including The Beatles),^[97] and Queen's Greatest Hits is the highest selling album of all time in the UK.^[98] Two of Mercury's songs, "We Are the Champions" and "Bohemian Rhapsody", have also each been voted as the greatest song of all time in major polls by Sony Ericsson^[99] and Guinness World Records,^[100] respectively. The former poll was an attempt to determine the world's favourite song, while the Guinness poll took place in the UK. In October 2007, the video for "Bohemian Rhapsody" was voted the greatest of all time by readers of Q magazine.^[101] Consistently rated as one of the greatest singers in the history of popular music, Mercury was voted second to Mariah Carey in MTV's 22 Greatest Voices in Music.^[8] Additionally, in January 2009, Mercury was voted second to Robert Plant in a poll of the greatest voices in rock, on the digital radio station Planet Rock.^[102] In May 2009, Classic Rock magazine voted Freddie Mercury as the greatest singer in rock.^[10] In 2011, NME magazine readers voted Mercury second to Michael Jackson in the Greatest Singers Ever poll.^[103] In 2011, a Rolling Stone readers' pick placed Mercury in second place of the magazine's "Best Lead Singers of All Time".^[74]

[edit] Posthumous Queen album

In November 1995, Queen released Made in Heaven, an album featuring Freddie Mercury's previously unreleased final recordings from 1991—as well as outtakes from previous years and reworked versions of solo works by the surviving members.^[104] The album cover features the Freddie Mercury statue that overlooks Lake Geneva in Montreux, Switzerland, where he had written and recorded his last songs at Mountain Studios.^[104] The sleeve of the album contains the words; "Dedicated to the immortal spirit of Freddie Mercury".^[104]

Tributes[link]

Statue of Freddie Mercury overlooking Lake Geneva in Montreux, Switzerland.

A statue in Montreux, Switzerland (by sculptor Irena Sedlecka) was erected as a tribute to Mercury.^[105] It stands almost 10 feet (3 metres) high overlooking Lake Geneva and was unveiled on 25 November 1996 by Freddie's father and Montserrat Caballé, with bandmates Brian May and Roger Taylor also in attendance.^[106] Beginning in 2003, fans from around the world gather in Switzerland annually to pay tribute to the singer as part of the "Freddie Mercury Montreux Memorial Day" on the first weekend of September and the Bearpark And Esh Colliery Band played at the Freddie Mercury statue on 1 June 2010.^[107] In 1999, a Royal Mail stamp with the image of Mercury on stage was issued in his honour as part of the Millennium Stamp series.^[108][109]

In 2009, a plaque was unveiled in Feltham where Mercury and his family moved upon arriving in England in 1964. The star in memory of Mercury's achievements was unveiled in Feltham High Street by his mother Jer Bulsara and Queen bandmate Brian May.^[110] A tribute to Queen has been on display at the Fremont Street Experience in downtown Las Vegas throughout 2009 on its video canopy.^[111] In December 2009 a large model of Mercury wearing tartan was put on display in the centre of Edinburgh as publicity for the run of We Will Rock You at the Playhouse Theatre.^[112]

A statue of Mercury stands over the entrance to the Dominion Theatre in London's West End since May 2002, where the main show has been Queen and Ben Elton's musical We Will Rock You.^[113][114]

For Mercury's 65th birthday, Google dedicated their Google Doodle to him.^[115] It included an animation set to the Mercury penned song, "Don't Stop Me Now".^[116]

Importance in AIDS history[link]

As the first major rock star to die of AIDS, Mercury's death represented a very important event in the disease's history.^[117] In April 1992, the remaining members of Queen founded The Mercury Phoenix Trust and organised The Freddie Mercury Tribute Concert for AIDS Awareness to celebrate the life and legacy of Mercury and raise money for AIDS research, which took place on Easter Monday, 20 April 1992.^[118] The Mercury Phoenix Trust has since raised millions of pounds for various AIDS charities. The tribute concert, which took place at Wembley Stadium for an audience of 72,000, featured a wide variety of guests including; Robert Plant (of Led Zeppelin), Roger Daltrey (of The Who), Extreme, Elton John, Metallica, David Bowie, Annie Lennox, Tony Iommi (of Black Sabbath), Guns N' Roses, Elizabeth Taylor, George Michael, Def Leppard, Seal, Liza Minnelli (and also U2 via Satellite). Elizabeth Taylor spoke of Mercury as "an extraordinary rock star who rushed across our cultural landscape like a comet shooting across the sky".^[119] The concert was broadcast live to 76 countries and had an estimated viewing audience of 1 billion people.^[120]

Appearances in lists of influential individuals[link]

Several popularity polls conducted over the past decade indicate that Freddie Mercury's reputation may in fact have been enhanced since his death. For instance, in a 2002 vote to determine whom the UK public considers the greatest British people in history, Mercury was ranked number 58 in the list of the "100 Greatest Britons", broadcast by the BBC.^[121] He was further listed at the 52nd spot in a 2007 Japanese national survey of the 100 most "influential heroes".^[122] Despite the fact that he had been criticised by gay activists for hiding his HIV status, author Paul Russell included Mercury in his book "The Gay 100: A Ranking of the Most Influential Gay Men and Lesbians, Past and Present."^[123] Other entertainers on Russell's list included Liberace and Rock Hudson. In 2006, Time Asia magazine named him as one of the most influential Asian heroes of the past 60 years: The article credited Mercury with having "duplicated in popular music what other Indians—such as Salman Rushdie and Vikram Seth – have done in literature: taking the coloniser's art form and representing it in a manner richer and more dazzling than many Anglophones thought possible."^[8] In 2008, Rolling Stone' magazine ranked Mercury No.18 in its list of the "Top 100 Singers Of All Time".^[6]

Portrayal on stage[link]

On 24 November 1997, a monodrama about Freddie Mercury's life titled Mercury: The Afterlife and Times of a Rock God opened in New York City.^[124] It presented Freddie Mercury in the hereafter; examining his life, seeking redemption and searching for his true self^[125] The play was written and directed by Charles Messina and the part of Mercury was played by Khalid Gonçalves (né Paul Gonçalves) and then later, Amir Darvish.^[126] Billy Squier opened one of the shows with an acoustic performance of a song he had written about Mercury titled "I Have Watched You Fly".^[127]

Portrayal in film[link]

Brian May announced in a September 2010 BBC interview^[128] that Sacha Baron Cohen, previously best known for his comedic characters Borat, Ali G and Brüno, had been chosen to play Mercury in a film about his life. TIME commented with approval on his singing ability and resemblance to Mercury.^[129] The motion picture is being written by Peter Morgan, who had been nominated for Oscars for his screenplays The Queen and Frost/Nixon. The film, which is being co-produced by Robert De Niro's TriBeCa Productions, will focus on Queen's formative years and the period leading up to the celebrated performance at the 1985 Live Aid concert. Filming was planned to begin sometime in 2011.^[130]

In April 2011, Brian May confirmed that a lot of work was still being done in preparation for the film. He said that after holding back for a long time due to mixed feelings, the band had approved a team to start filming later in 2011, and Baron Cohen's eagerness had been the key to progress.^[131] The film is currently in development and is tentatively scheduled for a release sometime in 2014.^[132]

Discography[link]

See also[link]

• Adi Bulsara, a cousin
• Zubin Mehta, a relative

Notes[link]

References[link]